Section 4116. Domestic mutual companies; voting rights of members  


Latest version.
  • The
      charter or by-laws of any domestic  mutual  property/casualty  insurance
      company may, with the approval of the superintendent pursuant to section
      one  thousand  two  hundred  nine  of  this  chapter,  provide  for  the
      distribution of voting power, at all meetings of the corporation,  among
      the  members on the basis of the amount of insurance held, the number of
      policies held, or the amount of premiums paid, by the member or  on  any
      other basis which the superintendent finds to be fair and equitable; but
      in any event every member whose insurance is in force at the time of the
      election  shall be entitled to at least one vote, and no member shall be
      entitled to more than ten votes.